October saw positive job growth in the U.S., with an economic rebound creating 531,000 new jobs.
The decrease in COVID-19 infection rates and the expiration of extended jobless benefits were given as reasons why the economy was kicking back into full speed, Fox Business reported.
Non-agriculture jobs increased by 531,00 workers in October, with the unemployment rate falling 0.2 percent to 4.6 percent, the U.S. Labour Department announced on Friday.
Financial market data firm Refinitiv polled economists who were optimistic that an additional 450,000 jobs would be created, with unemployment expected to fall still further.
Additional positive news on the employment front saw a revision of September job creation to 312,000 up from the previous estimate of 194,000.
The October unemployment rate of 4.6 percent is seen as a recent low but is still far above the pre-pandemic figure of 3.5 percent.
The American economy remains on strong footing according to current data, with retail, banking and warehouse companies reporting significant increases in sales figures, the Associated Press reported.
Home sales and consumer confidence were also up in October.